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27 November 2017

Commercial Risk Europe: UK P&I Club to set up Netherlands subsidiary to cope with Brexit


The UK P&I Club has announced that it will set up a European subsidiary in the Netherlands to ensure it can continue to provide cover for members post-Brexit.

It is the third protection and indemnity (P&I) insurer to announce such a move in the past week, with Standard Club and North P&I Club both choosing Dublin for their new base.

The UK P&I Club said the process of establishing its subsidiary is underway, with the new operation expected to be in place next year.

Hugo Wynn-Williams, CEO of Thomas Miller P&I, which manages the UK P&I Club, said: “Although the precise future trading relationship between the UK and the EU remains uncertain, we are putting arrangements in place that will allow the UK Club to continue to provide cover for our members regardless of where their ships are registered. The club remains committed to doing business within Europe.”

He said that Thomas Miller believes the Netherlands is the “optimal jurisdiction” for the UK P&I Club’s EU subsidiary because of its convenient location with excellent transport links, proximity to major markets, stable business environment and a regulatory system that provides the best fit for its operational model.

He explained that the new subsidiary will also be able to front other Thomas Miller-managed clubs affected by Brexit. “As a result, this will enable costs to be shared, providing the most efficient solution to continuing operations in Europe,” said Mr Wynn-Williams.

Full article on Commercial Risk (subscription required)



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